What does Gross Interest Rate mean?

Q: What does Gross Interest Rate mean?

The gross interest rate is the amount of money you earn from your Tide Instant Saver account before tax or compounding is applied. Here’s how it works: Daily Interest: We calculate interest each business day based on the end-of-day balance in your Instant Saver account . Weekends and bank holidays: If your balance changes during a weekend or bank holiday, those changes will not affect your interest until the next working day. For example, your Friday end-of-day balance is used for Saturday and Sunday. Monthly payout: The total interest earned is paid into your account on the 1st of the following month, typically in the evening. Compounding effect: Once interest is paid into your account, it becomes part of your balance and is included in future interest calculations (unless you withdraw it).

Question

Accepted Answer

The gross interest rate is the amount of money you earn from your Tide Instant Saver account before tax or compounding is applied.

Here’s how it works:

Daily Interest: We calculate interest each business day based on the end-of-day balance in your Instant Saver account .
Weekends and bank holidays: If your balance changes during a weekend or bank holiday, those changes will not affect your interest until the next working day. For example, your Friday end-of-day balance is used for Saturday and Sunday.
Monthly payout: The total interest earned is paid into your account on the 1st of the following month, typically in the evening.
Compounding effect: Once interest is paid into your account, it becomes part of your balance and is included in future interest calculations (unless you withdraw it).